Interesting situation for buying GOLD Hello everyone
Before we start discussion, it is my pleasure to read your opinion on this post's comment section and support this idea with your likes if you enjoyed it !
XAUUSD :
Please first read my last analysis about gold from the link below.
I determined clusters for wave 5 using Fibonacci external retracement wave 4 and Fibonacci extension wave 3 that is shown in the chart and I expected the price reacted to one of these cluster.
the price reacted well to the first zone that coincide with reaction to the lower line of parallel channel as the bullish ending channel.
now, when we can buy?
this is about your strategy and your risk profile, but I say my point of view.
when the upper line of channel breaks upside, we can buy gold.
where is my stop loss?
if you buy with channel breakout, you should place your stop loss below last bottom. you can use minor or major bottom according to your strategy.
where is my target?
the hardest section is to fine target optimally.
It is better your target is not smaller than your stop loss. My target is about 1800 $.
please remember any analysis can be failed. so, manage your risk and respect your stop loss.
